News Review: Kelly Services (Nasdaq: KELYA)

Kelly Services (Nasdaq: KELYA), a worldwide leader in providing workforce solutions, today published consequences for the 4th-quarter and complete year of 2017.

George S. Corona, President and CEO, proclaimed revenue for the 4th-quarter of 2017 totaled $1.40B, a 9.00% increase, or 7.30% in constant currency, compared to the corresponding quarter of 2016.

Revenue for the complete year totaled $5.40B, a 1.90% increase, or 1.30% in constant currency, compared to the prior year.
Earnings from operations for the 4th-quarter of 2017 totaled $28.40 million, compared to $19.80 million reported for the 4th-quarter of 2016. Earnings from operations for the complete year totaled $83.30 million compared to $63.20 million in 2016.

Diluted earnings for each share in the 4th-quarter of 2017 were $0.450 compared to $0.510 for each share in the 4th-quarter of 2016. Earnings for each share in the 4th-quarter of 2017 were unfavorably impacted by $0.350 due to non-cash, income tax charge resulting from the Tax Cuts and Jobs Act which was enacted in late 2017.

Diluted earnings for each share for the complete year of 2017 were $1.810 compared to $3.080 for each share in 2016. Complete year earnings for each share for 2017 were unfavorably impacted by the $0.350 non-cash, tax charge and 2016 complete year earnings for each share were favorably impacted by $1.620 related to the after-tax gain on APAC JV transaction.

Reflecting on the results, Corona stated, “Our 4th-quarter performance reinforces that 2017 was a successful year of focus and acceleration for Kelly. We created and carried strong momentum through all 4.0 quarters, grew the top line, improved our GP and conversion rate, and increased our earnings from operations by 32.00% over last year — all while accelerating investments that position Kelly for long-term growth.”